WHITESTOWN, IND. — Dora Hotel Co. LLC has partnered with Anson Hospitality LLC to manage the Hampton Inn in Whitestown, about 25 miles north of Indianapolis. The 92-room hotel is located at 6005 Main St. near I-65. The hotel features banquet meeting space, a pool, fitness center, on-site convenience store and business center. The two companies also operate a Holiday Inn Express & Suites in Carmel.
ONTARIO, CALIF. — A California-based investor has acquired the 160-unit Metro 102 Apartments in Ontario for $35 million. The community is located at 102 N. Lemon Ave. It sits adjacent to City Hall, Ontario Town Square and Euclid Avenue. The affordable apartment community was built in 2009 on a podium garage. It is 98 percent occupied. Community amenities include a resident lounge, pool table, swimming pool, gym and courtyard. Jim Fisher, Mike Smith and Joe Leon of Berkadia represented the seller, TruAmerica Multifamily, in this transaction.
SAN JOSE, CALIF. — A joint venture between AMCAL Equities LLC and SWENSON has broken ground on The Graduate, a 1,039-bed student housing community located within one block of San Jose State University in San Jose. Shared amenities at the 19-story property will include a fitness center, swimming pool with spa, sundeck, barbecue grills, picnic area, bicycle storage and 14,750 square feet of retail space. Units on the top floor of the community will share an outdoor terrace with views of the city and campus. The development is set for completion in 2020.
SAN DIEGO — Plaza Del Norte has acquired The Courtyard I, a 50,405-square-foot office building in the Sorrento Mesa submarket of San Diego, for $9.2 million. The asset is located at 6480 Weathers Place. It was 68 percent leased at the time of sale. The three-story office building was built in 1989. Peter Curry and Brooks Campbell of Cushman & Wakefield represented the 1031 buyer. The firm’s Mark Avilla, Bill Cavanaugh and Mike Novkov represented the seller, Courtyard Mira Mesa LLC, in this transaction.
PASADENA, CALIF. — A local private investor has acquired the 16-unit Churchill Apartments in Pasadena for $4.2 million. The community is located at 450 S. Los Robles Ave. It was built in 1965. Units feature a patio or balcony, tuck-under parking spaces with wall storage boxes and a laundry room. Mike Vara of Charles Dunn Co. represented the buyer, while the firm’s Chuck Dunn represented the seller, Miller Trust, in this transaction.
PARADISE VALLEY, ARIZ. — Five Star Development has received $282 million in construction financing for the next stage of development of The Ritz-Carlton Hotel and Residences in Paradise Valley, located 15 miles northeast of Phoenix. Owned and developed by Five Star, The Ritz-Carlton Paradise Valley is part of a master-planned community spanning 122 acres. The property includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 villas, ranging from 1,700 to 4,500 square feet, as well as 39 single-family homes, ranging from 4,500 to 10,000 square feet. Five Star also plans to build luxury townhomes and a shopping and dining destination known as The Palmeraie. The Ritz-Carlton resort will feature a 400-foot pool, spa, fitness center, event space, citrus orchard, herb garden, walking paths and lawn. Bryan Clark and Zack Holderman of HFF arranged the financing. Bank of the Ozarks provided a $210 million senior loan and Starwood Property Trust Inc. provided a $72 million mezzanine loan. Loan proceeds will be used to refinance an existing land loan and construct the hotel and residences. Scottsdale, Ariz.-based Five Star owns and develops projects in multiple real estate asset classes in Arizona, California, Texas and New Mexico. — Kristin Hiller
KATY, TEXAS — Atlanta-based Oakmont Industrial Group will develop a 673,785-square-foot warehouse within the master-planned West Ten Business Park in the Houston metro of Katy. Situated on a 42-acre parcel, the property is being developed on a speculative basis and will feature 36-foot clear heights, cross-dock loading, 56-foot wide column spacing, an ESFR sprinkler system and LED warehouse lighting. The property will also offer parking for 691 automobiles and 256 trailers, as well as quick access to the Grand Parkway/State Highway 99 interchange. Construction is scheduled for a July 2018 completion. John Simons and Holden Rushing of NAI Partners brokered the land sale and will represent Oakmont in leasing the property.
DALLAS AND FORT WORTH, TEXAS — Marcus & Millichap has brokered the sales of four multifamily properties totaling 573 units located throughout the Dallas-Fort Worth (DFW) area. The combined sales price was approximately $36.7 million. The properties include the 156-unit Castlewinds Apartments in the North Richland Hills submarket of Fort Worth; the 69-unit El Ranchito Apartments in western Fort Worth; the 188-unit Knollwood Apartments in Irving; and the 160-unit Holly Park Apartments in east Dallas. Al Silva, Ford Braly and Mark McCoy of Marcus & Millichap represented the private sellers and procured the buyers for all four transactions.
HOUSTON — JLL has negotiated a 181,450-square-foot industrial lease on behalf of Starplast, an Israeli manufacturer of plastics products, at North Point 8111, a 250,660-square-foot industrial building within Point North Cargo Park in Houston. Located at the intersection of FM 1960 and U.S. Highway 59, the facility will serve as the company’s base of U.S. manufacturing operations. Property features include a cross-dock configuration, 28-foot clear heights and fully fenced outside storage. Ryan Fuselier and Travis Secor of JLL represented Starplast in the lease negotiations. David Hudson of Duke Realty represented the landlord internally.
HOUSTON — MetroNational, a Houston-based investment and development firm, will open The McCarthy, a 133-unit high-rise apartment complex located atop Houston’s Hotel Zaza Memorial City. A mix of studio, one- and two-bedroom units will span seven levels of the 17-story structure. Amenities will include a pool and cabanas, fitness center with on-demand classes, catering kitchen and private dining room and a laptop bar. The opening of The McCarthy is scheduled for January 2018.
